Charfty Registration No. 1194746 OLE eco QIMA FOUNDATION THE QlklA FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 JANUARY 2024
THE QIMA FOUNDATION LEGALANDADMINISTRATIVE INFORMATION Trustees Rashed Thabet Fahad Raja Fari$ Abubaker Ahmed Sheibani Chairperson Fans Abubaker Ahmed Sheibani Charity number 1194746 Principal address Qima Coffee Ltd 21 Warren Street London W1T 5LT Indepond8nt •xamin•r Manish Sangani Ccoper Young & Partners Limited Hunter House 109 Snakes Lane Wesl Woodf1 Green. Essex IG8 ODY 8ank8rs Lbyds Bank 25 Gresham Street London EC2V 7HN
THE QIMA FOUNDATION CONTENTS Trustees, report Independent examinerfs re Statement of financial acbvTties 8alance sheet Notes to the financial statements 10- 13
THE QIMA FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 The Trustees present their report and financial statements for the year ended 31 January 2024. The financial statements have been prepared in accordance vmh the accounting poliaes sel out in note 1 to the financial slalemenls and compty th The Qima Foundab"on's goveming dUMent. the charib.es Act 2011 and Accounting and Reporting by Charilie5". Stslement of Recomrnended Practs"ce applicable to charities preparing their accounts in accordance wilh the Financial Reporb'ng Standard applicable in the UK and Republic of Iland IFRS 1021. {as amended for accounting periods commencing from 1 January 20161. ObJo¢tlvo$ and ¢tlvltltrs The objective of The alma Foundation is to provide poverty relief through.. al designing and implements'ng sustsinable agricullure projects Ihal support famiing communities lo generate a sustainable income and be self-sufficAent through the adoption of environmentalty and economically sustainable farming pra¢b'ces that c¢)ntribute to $011 health, productivity and yield improvements. as well as efficient water management systems; bl Supporting the $o¢ioeconomic development ol women through increasing access to knowledge and resources necessary for women to enter the workforce confidentty and create s(bstainable livelihoods for themselve5 and their families.. cl designing and implementing education projects and programs that provide quality education and future career Opportun'e$ for disadvantsged children and youth., and dl such other means as the Trustees may fr¢)m time to time see fft. The Qima FoUndatn received income exdusively from pnvate donations during the year. These funds were primarily used lo support the charitable work carried out by the Qima Foundation for Development I"Qima Foundation Yemen l. an independent ¢harity gistered in Yemen. While The Qima Foundation and Qima Foundation Yemen are separate legal enlrties, they are reled through a common trustee. Fans Abubaker Ahmed Sheibani. Some of the highlights of the activits during the period were". The laun¢h of operations lor the genelicalty verified ¢offee seedling nursery in northern Yemen, which subsequenlty distributed rts first batch of see(Ilings lo local farmers. The operats.tsn specificalty largels farmers with the lowest income, most of which are living belowthe international poverty line. A new geneticalty verified coffee seedling nursery has been established in soulhem Yemen. Thi5 nursery serves the demand across southern governorates and aligns with the mission of the northern nursery. Its key benefit is ensuring Ihat the seedlings provided to farmers are of the correct variety and quality, which signfficandy reduces seedling mortality rates and enhances productivity as the trees mature. The selection of seedlings is one of the most crucial decisions for smallholder famiers, impacting the long-temi productivty atKI sustainability of their lamis. The launch of a household survey in Tar2. southem Yemen. lo analyze famiing systems and study the economics of coffee famiing households. This survey aims to comprehensively understand factors such as fami and household e¢onomi¢s. land use. and living income in relion lo the internab'onal poverty line. The insights gathered wll enable the foundabon lo design a development plan tailored lo meet both sy51emic and farmer-specific need5. Through ils °TomorroWs Leadets. donations, The Qima FOundatn also supported 17 children by providing schooling, transportation and nutrib.on to children from impoverished areas of Yemen. Again, the focus remains on Childn trom families living below the intemabonal poverty line.
THE QIMA FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 A total of £71,154 was provided to the Qima Foundation for Development and was broadly spent as follow5.. 2024 2023 Seeding and planting l Nursery expenses Tomorrows Leaders Administrats've costs 54,083 14,268 2,803 71.154 12,993 12.993 A further £9,168 was spent on research and developmenl12023". £8,529), £2.299 on general administrative expenses12023.' £7801 and £6,754 was spent on fund raising activities12023'. £nill. These costs were directly funded by Qima Coffee Ltd. Us8 of VoluntoerB The Charity is grateful for the unsbnb.ng work ol ils volunteers who are Involved in the service provision and fundraising activities. The Iruslees are giving their b.me free of any charges lo promote The Oima Foundation's activities in the UK and abroad. The trnstees would like to acknowledge the tremendous efforts of the volunteers. particularly staff from Qima Coffee Ltd. an associatecj company and many supptsrters of the charty for their conb'nuous support in helping The Qimo Foundation lo achieve 115 objectives during the period. Achlevements and perforniance During the period ended 31 Jènuary 2024. Qima Foundation generated incoming resources of £95,845 ond expensed resources of £89,374. thereby generaljng a surplus of £6.471. This compares to a defi'¢il in the prior period of £751. The 8oard of Tru$lee$ will ¢ontsnue lo reviewlhe reserve policy on an annual ba$1$ to ensure adequate funds are available lo meet obligations and ever-in¢reasing numbers of emergencies. This policy proved its effectiveness in enabling the Charity to respond swftly and effectively to unprecedented challenges. Structure. govemance and management The Qima Foundation is managed by its governing document, which is signed and agreed by all trustees and constitutes the goveming document of a registered charity organisation. The Trustees who served during the period and up to the dale of *gnature of the finan¢ial ststemenls were.. Faris Abubaker Ahmed Sheibani Rashed Thabet Fahad Raja en appointing new trustees to the chanty. the boar(l of trustees consi¢Jer the skills, knOedge and experience of the individual in making the appointment. Al trustees have collective responsibility, which were possible, 1$ in accordance with their skills and experience. The trustees meet regularty lo discuss affairs of The Qima Foundation. The Trustees are responsible for preparing the report and the finanaal ststements in a¢cordance with applicable law and United Kingdom Generally Accepted Accounb"ng Practice. Charty law in England and Wales requires the Trustees to prepare financial ststemenls for each financial period which give a true and
THE QIMA FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 fair view of the stsle of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing those financial ststements, the Trustees are required to.. select suitsble accounting policies and apply them consistently". observe the methods and principles of the Charrties SORP- make judgement5 and eslimales that are reasonable and prudent., slate whether applicable accounb.ng standards have been followed, subject lo any departureg discbsed and explained in the financial statements., and prepare the financial slalemenls on the going concem basi5 unless it is inappropriate lo presume that the aclivrtie5 of the Charity TrMII continue in operation. The Trustees are responsible for keeping adequate accounting e0rd$ %thi¢h disclose with reasonable accuracy at any lime the financial posrtion of the Charity and enables them to ensure that the financial statements comply wlh the Charits'es Ad 2011, the Charty (Accounts and Reports) Regulations 2008 and the provisions of the govemin9 document. The Trustees are also responsible for safeguarding the assets of the Charty and hence for taking reasonable steps for the prevention and detects.on of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity ol the Charity and financial informalitsn Included in the Chanty's website. The Trustees. report was approved by the Board of Trustees and *gned on their behaw by.. Farfs AbubakorAhm•d SholnI Trustee Dated." 13 November 2024
THE QIMA FOUNDATION INDEPENDENT EXAMINER? REPORT TO THE TRUSTEES OF QIMA FOUNDATION REUEF FOUNDATION I report to Tntstees my examirthin of the statements ol Th8 Qimo Fourthtion for the perknj ended 31 January 2024. RPOlIti111Il•• arKI kni¥ of r•ptsrt As the charity tru$te¢s. you are reS51te for Iho pTrparation of the in accordance with the quirements ofthe Charilies Acl 20111lh W. l rnport in respect of my exaninatyon ofthe Tntslee'$ a¢Unts 8rried OLrt under sectK)n 145 ofthe 2011 ktand in caryirvj QLrt my examinalion I have folowed allthe appluble DlreLon8 gNen by Charity C(nmwion uThJer 14515)0)) oflhe 2011 Act IrKknp•nd•nt •xamln•e• 8tat•m•Tht I have compkted my examlnatknn. I confimi that no Mate matter8 lthie como to rty attanllon kn conn¢¢tlon vAth the examknakn gfvfin9 me cause to belth that materlal re8pect.' accountlng rocords were not kept In resp8ct of t Trusl 8$ rnquk•d by s•ctlon 130 of the Art or 2. the aCCnts do not accord those records," or 3. the accounts do not comth wth th• apF41c8bte requlr•monts crAKlTha th• forni arKJ COntt of accoun18 sel out in the Chanties (Accouth and Rewrts) Regulat5M¥ 2008 other than wy rwulrem8nl thal the occounls gtve a Yrue and falr ¥lv whK i¥ n¢X a matter conwdered 98 Part of an Independent 0x6n•t. I hove no ¢onc•m# and have come across no othw mgtters in connection ¥wih the examinalion to vknich attentlon Jhwld be drawn in rew)rt in wder lo enabkn 8 prow wderstandlng oftho acGounl¥ lo bg reocthed. Thiy report i# mYe Solely to the Charity's Trustee8. 8$ a body, Fn aceord•rt• WTth Part 4 of the Cha118 {ACcnts and Repts1 Re9ulatlon8 2C#)8. My been undertaken 80 that I mwhl 8tate lo the Charty'8 Tru$lees those matters l am rtquired lo itste to tM in on IndpervJ¢rrt &xminerf$ Report and for no other purpose. To the fvll•st extent pemrtted by law. I do not 8c¢ept or aUM• respomibilty lo anyone othèrthan th• Charity And the Charfty's Trustee8 as a body. frJr ny WO or for this rewt. lknnlyjh Sanganl Ind•p•nd•nt Exmln•r Cocper Young & Partner Ltd Hunter House 109 Snakès We•t WoodfDrd Green IG8 OOY Dated.. 13 November 2024
THE QIMA FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUOING INCOMEAND EXPENDITUREACCOUNT FOR THE PERIOD ENDED 31 January 2024 Unrestricted Restricted funds funds 2024 2024 Total 2024 Total 2023 Notes In¢om• from: Donations- Qima Coffee Other Oonations Total incom8 77,428 18.417 95,845 77,428 18,417 95,845 9,922 11.829 21,S51 Exp¢ndltur• on: Fund raising Support costs 16,7541 2.2991 9.052 16,7541 12.299 9,052 780 780 Research & development Charitable actThiities Total r•sourco8 èxpended 19.1681 71,1541_ 89.374 19.1681 J71,154} 89.374 18,5291 12,9931 22.302 Ngt incom8 for t pgrlodl Nel movoment Sn funds Fund balances at 31 January 2023 Fund balances at 31 January 2024 6.471 17511 5.720 6.471 1751) 5.720 17511 7S1 The slalemenl of financial acts'vilies includes all gains and losses recognised in the period. All income and expenditure derived from continuing acbvitj'es. There wefe no olher recognised gains or losses other than those stated above. The notes on page8 10 to 13 form part of these financial stslements.
THE QIMA FOUNDATION BALANCE SHE AS A T31 January 2024 Company Number.. CE025403 2024 2023 Notss Current assets Cash al bank ppaYments 6,616 664 7,280 29 29 Llabllltl•s Creditors.. amounts falling due within one year 10 11,5601 17801 Nat curront ass8ts 5,720 17511 751 Totsl ass¢ts1oss current Ilabllltlos 5,T20 The funds of th• charity Unreslricled funds- general Restricted funds Total lunds hold 5.720 17511 751 The notes on pages 10 to 13 form part of these financial stslements. The financial stslements were approved by the Trustees and signed on their behatf by.. Farf$ Abub*korAhm•d ShelnI Trustee Dated.. 13 November 2024
THE QIMA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 January 2024 Accounting policies The principal accounb.ng poficies adopted are laid out below. 1.1 Accounting convention The financial statements have been prepared in accordance wth The Qima Foundation's goveming document. the Chanties Act 2011 and 'Accounling and Reporting by Charities Statement of Recommended Practice applicable to charth'es preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191" The Qima Foundation is a Public Benefit Enb"ty as defined by FRS 102. The Qima Foundation has tsken advantsge of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Fkn. The financial slalemenls have departed from the Charrties (Accounts and Reportsl Regulations 2008 only to the extent required to provide a true and fair view. This departUTe has involved followng the Statement ol Recommended Practice lor charilies applying FRS 102 rather than the version ol the Slalemenl of Recommended Practice which is referred to in the Regulats'ons bul lch has since bèen withdrawn. The financial stslements are prepared in sterling. whith is the functional currency of The Qima Foundation. Monetary amounts in these financial statements are rounded lo the nearest £. Monetary assets and liabilities in foreign currencies are translated into steding at the rates ol exchange ruling at the Balance Sheet dale. Transactions In foreign currenc*s are transLaled Into slerfing al the average rate for the period. Exchange differences are taken Into account in amving al the operating profit. The financial statements have been prepared underthe historical cost convention, ndIfied lo include the revaluation of freehold properties and lo include investment properties and certain financial instruments at fair value. The principal accountsng policies adopted are set out below. 1.2 Golng ¢on¢gm Al the lime of approving the financial statements, the Trustees have a reasonable expectslion that the Qima Foundation has adequate resources to contsnue in operational existence for the foreseeable future. In addition. the Trustees have no inlenlion lo wnd the company up In the foreseeable future. The Trustees consider that there are currently no material uncertainties which impact on the charity being able lo continue in ils Current fomi. Thu$ the Trustees conlinue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitabl8 funds Unrestricted funds are available for use al the discretion of the Trustees in bjrtherance of their charitable objectwes. Restricted fijnds are subject to specrfic condilions by donors as to how they may be used. The purposes and uses of the reslricled funds are set out in the noles lo the financial stslemenls. 1.4 Incomo Income is recognised when the Qima Foundation is legalty ented lo il after any perfomiance conditions have been met, the amounts can be measured reliabty, and it is probable that income will be received. Cash donations are recognised on receipt. Other donalions are recognised once the Qima Foundation has been notified of the donation, unless perfom)ance condilions require deferral of the amount. Income tax recoverable in relation lo donations received under Gift "d or deed5 of covenant 15 recognised al the time of the donation. 10
THE QIMA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 January 2024 A¢¢ounting policie$ l¢ontinued) 1.5 Expenditure Expenditure is recognised when rt is incurred. Expenditure is reported gross of related income. 1.6 C$h and cash equivalènts Cash and cash equivalents include cash in hand. deposrts held at call with banks, other short-term liquid investments with original muritses of three months or less. and bank overdrafts. Bank overdrafts are shown wlhin borrowings in current liabilities. 1.7 D8btors and pmpaym8nts Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepaymen15are valued al the amtsjnl prepaid net of any trade discounts due. 1.8 Llabllltl¢$ and provi$lon8 Liabilities are recognised when there is an oblyalion * the Balance Sheet date as a result of a past event, il is probable that a transfer ol economic benefit will be required In settlement, and the amount of the settlement canbe estimated reliably. Liabilthes are recognised at the amount that the Charrty anticipate5 11 will pay lo settle the debt or the amount rt has received as advanced payments lor the goods or services il musl provide. Provisions are measured al the best estimate of the amounts required 10 settle the obligation. Vvhere the effeclof the lime value of money is material. the provision is based on the present value of these amounts, discountedat the pre-tax discount rale Ihal rellecls the risks specific to the liabilty. The unwinding of the discount is recognised in the Slatemenl of Financial A¢ts'vitses as a finance $1. 1.9 Taxatlon The Qima Foundation is a gistered charity and as Sueh is a Charity thin the meaning of schedule 6 of the Finance Act 2010. Accordingly, the Charity is potenb'ally entitled to tsx exemption under part 11 of the Corporation Tax Act 2010 or section 256 of the TaxatK*n of Chargeable Gains Act 1992 in respect of income and gains arising. Crltlcal a¢¢ountlng estlmates and Judg•ments In the application of the Qima Foundation's a¢Unting policies. the Trustees are required to make judgements, eslimales and assumptsons about the carrying amount of as5els and liabilities that are not readily apparent from other sources. The esbmates and associated assumptions are based on historical experience and other fad¢)rs that are nSIdered lo be relevant. Actual results may differ from these eslimales. The estimates and underlying as5umplion5 are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period ofthe revision and luture periods where the revision affects both current and future periods.
THE QIMA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 January 2024 Donations and legacies Unrestrl¢tod funds 2024 R•strlctod funds 2024 Total 2024 Total 2023 Donations- Qima Coffee Other Donations For the period 77,428 18.417 95,845 77,428 18,417 95.84S 9,922 11.829 21,551 Othor tradlng actlvitlos There were no other trading acts'vrties during the period12023." Nonel. Ral$lng fvnd$ and support Costs Unr•strl¢tod funds 2024 Unreslricle(I funds 2023 Support ¢o$ts Accountancy fees Subscriptions 780 1,519 2,299 780 780 Fundraising actiwties costs 6.754 9,052 780 Support costs are those fijnctions that assist the work of the charity bul do not directly undertake charitable aclivilies. Where support costs cannot be directly attnbuted lo particular headings they have been allocated on a basis consistent wlh the use of resources. Costs allocation includes an element of judgement. and the Chanty had to consider the cost benefit of detailed calculations and record keeping. Charitable actlvltlos Charltabla Expenditure 2024 Charltabl Expenditure 2023 Seeding and planting Leaders School project Support costs 54,083 14.268 2,803 71,154 12,993 12.993 12
THE QIMA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 January 2024 The costs were wholly incurred by the Qima Foundation for Development, a registered charity in Yemen and related to The Qima Foundatson by virtue of having common Trustees. Trustso$ None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Qima Foundation during the period. Employ•os There are no employees in the current and previous year. The trustees are deemed to be the key management personnel and are not remunerated for their services to the charty. Currnnt assots 2024 2023 Prepayments 664 10 CrgdStors: amounts falllng *lthln on• p•rlod 2024 2023 Accruals and deferred income 1,560 780 780 11 R•lated party transactlons Qima Coffee Ltd, a company incorporated in England & Wales, has pledged lo support The Qima Foundation through direct funding. wth 10% of all Company profits being donated lo The Qima Foundation. During the period. Qima Coffee Ltd donated £77.428 towards the running and charitable cause of The Qima Foundabon12023". £9.9221 Qima Coffee Ltd is considered a related party. given one of the Trustees of the Qima Foundation being a director and Significant shareholder of the company. The fvnds of the ¢harty are used to $upport the tharitable work undertaken by the Qima Foundation for Development, a registered charity in Yemen and related to The Qima Foundats'on by virtue of having common Trustees. Dunng the period a total of £71,154 was provided lo the Qima Foundation for Development12023.. £12,993). 12 Ultimate Controlling Party The Trustees do not conshyer there to be an U"mate controlling party. 13-